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Das Verhalten der privaten Haushalte am Kapitalmarkt: Eine empirirische Analyse

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  • Weichert, Ronald
  • Zietz, Joachim

Abstract

Gegenstand dieses Beitrages ist die empirische Analyse des Anlageverhaltens der privaten Haushalte in der Bundesrepublik Deutschland mit Hilfe eines vollständigen Nachfragesystems. In Anlehnung an die Arbeit von Taylor und Clements [1983] wird dazu auf das von Deaton und Muellbauer [1980] vorgeschlagene Almost Ideal Demand System (AIDS) zurückgegriffen. Im Gegensatz zu Modellen mit mehreren voneinander unabhängigen Gleichungen erlaubt die Schätzung eines Nachfragesystems, sämtliche relevanten Substitutionsbeziehungen zu berücksichtigen und entsprechende Elastizitäten zu schätzen. Auf dieser Grundlage können dann Aussagen über den Einfluß wirtschaftspolitischer Rahmenbedingungen auf die Struktur des Portefeuilles der privaten Haushalte gemacht werden. Ein besonderes Gewicht kommt in diesem Beitrag denjenigen Faktoren zu, welche die Nachfrage der Haushalte nach risikotragendem Beteiligungskapital, speziell Aktien, beeinflussen. Die Arbeit aktualisiert nicht nur die vorliegenden Untersuchungen, sondern geht über sie insofern hinaus, als nicht der gesamte nicht-finanzielle private Sektor, sondern speziell die privaten Haushalte untersucht werden und gleichzeitig eine größere Anzahl von Zinssätzen sowie das Vermögen als erklärende Variablen für die jeweiligen Anlageentscheidungen berücksichtigt werden.

Suggested Citation

  • Weichert, Ronald & Zietz, Joachim, 1986. "Das Verhalten der privaten Haushalte am Kapitalmarkt: Eine empirirische Analyse," Kiel Working Papers 262, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:262
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    References listed on IDEAS

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    1. Zietz, Joachim & Weichert, Ronald, 1988. "A dynamic singular equation system of asset demand," European Economic Review, Elsevier, vol. 32(6), pages 1349-1357, July.
    2. Gordon Anderson & Richard Blundell, 1983. "Testing Restrictions in a Flexible Dynamic Demand System: An Application to Consumers' Expenditure in Canada," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(3), pages 397-410.
    3. Davidson, James E H, et al, 1978. "Econometric Modelling of the Aggregate Time-Series Relationship between Consumers' Expenditure and Income in the United Kingdom," Economic Journal, Royal Economic Society, vol. 88(352), pages 661-692, December.
    4. Taylor, John C. & Clements, Kenneth W., 1983. "A simple portfolio allocation model of financial wealth," European Economic Review, Elsevier, vol. 23(2), pages 241-251.
    5. King, Mervyn & Leape, Jonathan, 1985. "Wealth and Portfolio Composition: Theory and Evidence," CEPR Discussion Papers 43, C.E.P.R. Discussion Papers.
    6. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    7. Weichert, Ronald, 1985. "Mehr Risikokapital durch Erleichterung des Börsenzugangs für Unternehmen," Kiel Discussion Papers 116, Kiel Institute for the World Economy (IfW Kiel).
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